VANCOUVER – A Coquitlam man has agreed to repay investors after using money they gave him to buy stocks to gamble instead.
In a settlement with the BC Securities Commission, Shayne William Sharma agreed to continue to repay the $ 257,500 he received from 21 investors between March 2014 and January 2015. This emerges from a press release from the Commission.
Sharma also has to pay $ 25,000 to BCSC after completing investor repayment, and he is permanently banned from most types of jobs in the securities industry.
According to the BCSC, Sharma told investors that he owned stock option warrants that have the right to buy shares at a certain price in the future but that require money to use them.
He promised investors to sell the shares for a premium and return their money plus 25 percent in 45 days, the BCSC said.
However, instead of buying stocks, Sharma used the money to gamble.
He also tried to delay payments and prevent investors from complaining to the BCSC by showing them a forged letter on the BCSC’s letterhead, according to the commission.
The BCSC said Sharma began repaying investors before the commission got involved in its case and has so far repaid approximately $ 160,000. This and his cooperation with investigators are listed in the settlement agreement as “mitigating factors”.
Sharma must repay the money by January 2026 and pay at least $ 9,650 every six months, the BCSC said. If it does not repay all investors or otherwise defaults on its settlement agreement, Sharma will have to pay the BCSC $ 96,500.